Sterling vs the Australian Dollar has fallen at the end of this week after the latest polls showed that the vote between the Tories and the Labour party is getting much closer.
According to one poll the vote is as close as 5%. As demonstrated in 2016 opinion polls can be very wrong as we saw with both the Brexit vote and the Trump win but to me it highlights the importance of getting to the polling station and ensuring you vote for the party who you want to win.
If one party shows a huge lead in the polls it can mean complacency on the part of some voters and this could mean a difference to the expectation.
With the poll showing a much closer than expected difference this caused the Pound to fall. Typically if an existing government wins the election this results in economic certainty and this often will result in Sterling strength against all currencies including vs the Australian Dollar.
Therefore, with the change in opinion this is a big factor as to why the Pound has fallen from recent highs against the Australian Dollar and if the voting gets closer then this could potentially even see GBPAUD rates fall below 1.70 on the Interbank level.
However, in my opinion I cannot see anyone win but the Tories as shown with the recent local elections and once this happens this is likely to see GBPAUD exchange rates go back in an upwards direction.
Therefore, if you’re thinking about selling Australian Dollars then this could the opportunity you’ve been waiting for.
With less than two weeks to go if you would like to make a currency transfer and save money compared to using your own bank then why not contact me for a free quote. I work for one of the UK’s leading currency brokers and have done since 2003 so I’m confident that a quick email could save you a lot of money.
I look forward to hearing from you.
Tom Holian [email protected]